To maintain good physical health, most people must exercise regularly, eat a balanced diet, and keep stress to a minimum. Achieving financial wellness is no different. It requires careful planning, smart decision-making, and consistent efforts toward improvement. Below, we discuss three tips to help you gain and maintain top financial health in retirement. Figure Out Your Retirement Number Just as you set concrete fitness goals for yourself, like running a half-marathon or losing 10 pounds, it’s crucial to set clear financial goals for retirement. The most critical of these goals is determining how much money you’ll need to maintain your desired lifestyle once you leave the workforce for good. You’ll want to start with your current annual spending level to get a rough ballpark of this number. Then, subtract any budget items that will be reduced or eliminated in retirement, like clothing, dry cleaning, parking expenses, gas, and vehicle wear and tear. If you plan to pay off your mortgage or downsize your home in retirement, you can also eliminate these costs from your projected budget. Next, add any additional costs for healthcare coverage, travel, and other leisure activities that aren’t part of your current budget. By crunching these numbers, you’ll have a much better idea of how much you’ll need each month. Once you have your retirement budget, you can work backward to see how much of a nest egg you’ll need to cover these expenses. (Don’t forget your Social Security income!) Your retirement number can vary depending on when you’d like to retire. The younger you are at retirement, the longer you’ll be retired, and the more money you’ll need. Create a Budget and Stick to It Budgeting

As a parent, one of the most significant concerns is ensuring that your children have the financial resources they need to pursue higher education. With college tuition costs continuously rising, it’s no surprise that many parents stress about their children’s future college expenses. It is never too early to start planning and saving for college or changing spending habits to prepare for education expenses. Start saving early The best way to ensure you have enough funds for your children’s college education is to start saving as early as possible. Thinking about college expenses when your children are still young may seem unusual. However, the earlier you start, the more time you have to save and plan. Even small contributions can add up over time and make a significant difference in covering the cost of college. Here are some education savings strategies to consider: 529 Plans 529 plans are tax-advantaged savings plans designed to save and pay for college. There are two types: Education savings plans- Education savings plans grow tax-deferred, and withdrawals are tax-free when the monies are used for qualified education expenses. Prepaid tuition plans- Prepaid tuition plans allow the account owner to pay today’s tuition rates for future attendance at a college or university. Coverdell Education Savings Account A Coverdell Education Savings Account, also known as an ESA, is a tax-deferred account where earnings and distributions are tax-free as long as the funds are used for educational purposes. Cut unnecessary expenses Look at your current monthly expenses and identify areas to cut back. It could be as simple as eating out less, canceling unused subscriptions, or finding more budget-friendly entertainment options. You can free up extra cash for

You may have thought your digital identity was safe and not a likely target of a cybercriminal until one day, the bank calls wondering if purchases made at a store that you have never been to, 2,000 miles away, were made by you. Every day, similar scenarios play out for unsuspecting victims across the country and the world. Cyber scams and other cybercrimes have proven to be an escalating problem that requires people to be especially vigilant when using electronic devices.   Senior citizens, in particular, may be an attractive target for cybercrime because thieves may assume that they are not as technologically savvy or that they are easier to manipulate and convince to part with their money. According to Morgan Stanley, senior citizens lost an estimated $1.7 billion from cybercrime last year alone. [i]   It could be helpful to enlist the assistance of a financial professional who can help monitor your retirement and investment accounts to help eschew malicious behavior from cybercriminals. We want to share several ways seniors can work to circumvent falling victim to a cyber-predator.   6 Precautionary Measures to Help Seniors Identify and Avoid Cybercrime   Use a strong password – Safeguard access to your electronic devices and accounts with a secure password. Do not share this passcode with anybody you do not know or trust.   Enable multi-factor authentication – In many cases, you can turn on a second layer of defense via multi-factor authentication. A two-factor authentication process may require a fingerprint or facial scan (biometric login) and a one-time code that gets sent to your phone. [ii]   Ensure cybersecurity software is installed and up-to-date – Having proper protection software can

April marks Stress Awareness Month, which provides a great opportunity to shed light on a topic often overlooked in the world of high-net-worth investors, which is mental health. For anyone who is used to managing substantial wealth, the pressure to sustain success may take a toll on your mental well-being. Here are some of the mental health challenges that high-net-worth individuals may face, how to address stigmas surrounding the issues, and a few practical tips to help you prioritize your mental health while continuing to pursue wealth and success. Isolation and Loneliness Wealthy individuals often find themselves isolated due to the challenges of managing significant assets. Common fears of being misunderstood or taken advantage of may further contribute to feelings of loneliness, particularly for those who grew up in lower-income families and then became wealthy. Perfectionism and High Expectations Pursuing success may breed perfectionism and high expectations. Constantly striving for excellence may lead to chronic stress, anxiety, and a never-ending quest for validation along the way. Fear of Failure and Financial Stress Even when you have financial success, the fear of an economic downturn or other crisis may be a constant source of stress. The pressure to maintain a certain lifestyle may also create a perpetual cycle of anxiety. Stigma Around Mental Health It’s common for high-net-worth individuals to hesitate to seek help due to the stigma surrounding having mental health problems. The misconception that money equals happiness may deter people from acknowledging, let alone addressing, their mental health struggles. Tips to Help You Prioritize Your Mental Health Here are some tips to up-level how you deal with your mental health. Break the Silence Challenge mental health stigmas by openly

Often, there is a misconception that seeking financial help indicates incompetence or lack of financial self-sufficiency. However, seeking help is the exact opposite. High-performing individuals who excel in their respective fields adopt a more pragmatic approach – they understand the importance and benefits of employing a financial professional’s services. Seeking the help of a professional to assist in one’s wealth planning leaves more time for them to focus on their primary specialty area, thus driving efficiency in managing results. Often, these individuals are focused on their careers, are business owners, or are high achievers with many goals. Here are ten ways a financial professional can assist high-performing individuals work toward improving their financial health. Planning for goals A financial professional can develop a customized plan considering income, expenses, financial goals, risk tolerance, and investment strategies. This holistic plan considers all aspects of a high-performing individual’s financial life and aligns them with their goals. Planning for retirement It’s vital to start planning early to maintain your desired lifestyle while working and after retirement. Financial professionals will work to understand your retirement lifestyle goals and devise a comprehensive plan based on your goals, risk aversion, and timeline. Investment advice based on your situation Investing can be a complex process. A financial professional can help with investment diversification and recommend suitable investment strategies to help manage financial goals. Tax planning Efficient tax planning can result in significant financial savings. Financial professionals are equipped to recognize your tax liabilities and objectively propose strategies to mitigate taxes. Risk management and insurance From health insurance to life and property insurance, financial professionals can help you understand the importance of appropriate insurance coverage. Your assets may avoid

Yes, even if you are a business owner or self-employed, you can receive Social Security benefits as long as you have been paying Social Security tax each year. The Social Security Administration defines you as self-employed if you operate a business, trade, or profession by yourself or as a partner. Here is a business owner’s guide to social security and planning for your future.   Earnings get taxed for Social Security up to $168,000 in 2024 If you work for an employer, both you and your employer pay a 7.65% tax for Social Security and Medicare tax up to $168,000 of your earnings. Of the 7.65%, 1.45% goes toward Medicare. Higher earners may be required to pay an additional 0.9%.   If you are self-employed, you pay both the employee and employer amounts, 12.4% Social Security tax, and a 2.9% Medicare tax, amounting to a total of 15.3%. These taxes are also known as the Federal Insurance Contributions Act (FICA).   Determining the context of your retirement for the Internal Revenue Service (IRS) The Social Security Administration will want to know if you are retiring entirely or if you plan to continue working. If you are of retirement age or older, you can receive your Social Security benefits whether or not you retire from your business. You are allowed to get Social Security retirement or survivor benefits and work at the same. The catch is if you are younger than full retirement, there are income limits, and if you are above them, your benefits may be reduced.   If you are a lower earner A lower earner may be allowed to continue working and receive their full Social Security benefit

If you’re nearing retirement age, you know the Social Security process and how much you will likely receive. With that information, you may have also anticipated that your Social Security benefit would not be enough to sustain you in retirement and, by itself, would not fully allow you to enjoy your retirement plans. How Much Social Security Might You Expect? Social Security checks recently have averaged around $1,831, with maximum benefits at full retirement age capping at $3,627. For many, this is well below their average monthly earnings and often insufficient to cover monthly expenses, especially with rising inflation costs. The poverty line for 2023 was around $1,215 per month, which puts many people receiving only Social Security fairly close to the poverty line.1 Exactly How Short May Social Security Leave You Exactly how short on funds you will be in retirement based on just receiving Social Security will largely depend on your income pre-retirement. If you had an average income of $65,000, your Social Security would replace about 40% of your average income. If you make over $150,000 annually, your Social Security income replacement will drop to around 20%.2 Save Up and Retire the Way You Want While Social Security is an excellent supplement to your retirement savings, it should only be part of the monthly income you receive. So, how do you ensure you can retire the way you want? Take advantage of your time before retirement by saving as much as possible, following the few tips below. Max Your 401k Contribution If you have a 401k with an employee match, contribute up to the maximum amount they will match. The match is free money that will have

If you’re nearing retirement age, you know the Social Security process and how much you will likely receive. With that information, you may have also anticipated that your Social Security benefit would not be enough to sustain you in retirement and, by itself, would not fully allow you to enjoy your retirement plans. How Much Social Security Might You Expect? Social Security checks recently have averaged around $1,831, with maximum benefits at full retirement age capping at $3,627. For many, this is well below their average monthly earnings and often insufficient to cover monthly expenses, especially with rising inflation costs. The poverty line for 2023 was around $1,215 per month, which puts many people receiving only Social Security fairly close to the poverty line.1 Exactly How Short May Social Security Leave You Exactly how short on funds you will be in retirement based on just receiving Social Security will largely depend on your income pre-retirement. If you had an average income of $65,000, your Social Security would replace about 40% of your average income. If you make over $150,000 annually, your Social Security income replacement will drop to around 20%.2 Save Up and Retire the Way You Want While Social Security is an excellent supplement to your retirement savings, it should only be part of the monthly income you receive. So, how do you ensure you can retire the way you want? Take advantage of your time before retirement by saving as much as possible, following the few tips below. Max Your 401k Contribution If you have a 401k with an employee match, contribute up to the maximum amount they will match. The match is free money that will have